Wednesday, August 17, 2016

I hate stupid people....

Now before you run off and call me an elitist or a snob realize that I'm referring to those who continue to hold outdated and prejudicial views. Such as those that have a nasty habit of blaming the victim.I've included just such an exchange with what I consider to be a charter member of the "stupid people" group. The topic is predatory lending specifically as to how it relates to the 2008 financial crisis. What follows is the unedited exchange....Stupid Person...

Dumb people making dumb decisions.
They should have read the fine print. They should have a good job and a good
set of skills so that if they lose their current job by no fault of their own
they can find a new one without too much trouble. If you do not have at least
these things, you should never consider taking on a mortgage.

And yes it is
shitty that banks gave these mortgages out anyway, but the information is not
misleading. At the time of things like Fannie the fine print was still given to
the buyer in full. While it may be legalese, that is what lawyers and
accountants are for. The banks are happy to give you credit even if you won't
pay, and they are perfectly happy to give you all the terms and conditions.
There is no serious wrongdoing here except for the buyer being negligent.﻿

Less Stupid Person ( ME ) ....

Thank you Bernie Madoff....

That's
the "They deserved to be F'd because they're stupid argument"

You're
making a hell of a lot of assumptions there. Like assuming that everyone out of
work or underemployed are stupid and lack skills. Never mind that many skilled
and professional jobs have been shipped overseas leaving people with a whole lot
of debt and nothing to replace the income. As for the fine print, you literally
would have to have a Juris Doctorate degree to understand every term and
condition. I suppose you read every word of every EULA you click
"accept" to in that case. Good luck getting anything done.

It's
called predatory lending for a reason. There was a time when you could trust
your banker, lawyer and even your doctor to do the right thing and give the
right information. Now it's all about padding profit margins and when banks
started using their deposits as gambling money on wall street
speculation...well....all bets were off. You can't trust a banker any more than
you can trust a used car salesman so whom are you supposed to seek guidance
from?

Do you think a 25K a year guy with a wife and 2 kids is going to be able
to afford 300/hr for an attorney to look over every line of a mortgage? Most
people were sold a bill of goods and they believed it because somebody told
them that the "pros" would never lie to them. If it were just simple
interest that's one thing but try to explain amortization and compounded
interest to a bunch of people left behind by a public education system that
barely teaches them to tie their shoes.

In a culture of desperation it's easy
to leave your skepticism behind when the "pros" are telling you
otherwise. Your admonition of "good job and good set of skills"
doesn't fly anymore and it hasn't for 30 years. You're assuming a level playing
field and it's not. If you think it is, I've got a bridge to sell you in New
York...﻿